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Covidien Falling Today on Above-Average Volume (COV)

Apr 26, 2013 (SmarTrend(R) News Watch via COMTEX) --
Covidien's stock is down 6.8% to $61.89 on heavy trading volume. Today's volume of 5.8 million shares tops the average 30-day volume of 2.0 million shares. Spikes in volume can validate a breakout or signify a potential turning point.

SmarTrend recommended that subscribers consider buying shares of Covidien on November 26th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.23. Since that recommendation, shares of Covidien have risen 16.0%. We continue to monitor COV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, Covidien share prices have been bracketed by a low of $50.25 and a high of $68.83 and are now at $61.89, 23% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.3%.

Write to Chip Brian at cbrian@mysmartrend.com
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